Image source: © 2025 Krish Capital Pty.Ltd

Highlights

  • Completed CAD 5.0 million non-brokered private placement with Ask America, LLC.
  • RNG production rose 17% year-on-year; monthly output exceeded 12,000 GJ.
  • Debt refinancing LOI for CAD 13.0 million facility; closing expected in Q3 2025.

EverGen Infrastructure Corp. (TSXV: EVGN; OTCQB: EVGIF) released results for the quarter ended June 30, 2025, reporting a period of financing activity and operational optimisation that coincided with weaker quarterly revenue and a larger net loss compared with Q2 2024. All amounts are in Canadian dollars and prepared under IFRS.

On the financing front, EverGen completed a CAD 5.0 million non-brokered private placement in May 2025 with Ask America, LLC, which the company says strengthens its balance sheet. The company also reported commitments and indications for up to CAD 2.0 million of additional proceeds under a second tranche priced at CAD 0.60 per share; closing remains subject to customary conditions and TSX Venture Exchange approval. Separately, EverGen progressed refinancing for its Fraser Valley Biogas (FVB) facility, signing a letter of intent for a CAD 13.0 million debt facility and a CAD 250,000 operating line of credit, with management targeting completion in Q3 2025.

Operationally, EverGen posted a quarterly record in renewable natural gas (RNG) production, up 17% year-over-year. In March and April 2025 the FVB facility generated over 12,000 gigajoules (GJ) of monthly production and the company noted the plant is approaching an annual run-rate near its nameplate capacity of 160,000 GJ. The company cited optimisation initiatives and senior leadership changes implemented during Q2; these activities have temporarily reduced incoming organic waste volumes and revenue but are described as intended to unlock future cash flow.

Key financials for the three months ended June 30, 2025: revenue was CAD 2,781 (Q2 2024: CAD 4,238), a decline of CAD 1,457 (-34%). Net loss widened to CAD (1,947) from CAD (875) a year earlier, with basic and diluted loss per share of CAD (0.10). EBITDA was CAD (822) versus CAD 966 in Q2 2024, while Adjusted EBITDA was CAD 339 compared with CAD 1,122 in the prior comparable quarter. Total assets stood at CAD 78,577 and total long-term liabilities at CAD 25,657. Cash and cash equivalents and restricted cash totalled CAD 4,515, and working capital surplus was CAD 1,449.